F
fin999
Guest
Hi,
I have mortgage with NIB which I changed about 18 months ago to avail of their great value tracker. I'd have to say that I have found them very difficult to deal with for various reasons. Maybe, it is the particular branch. Anyway, one thing has always bugged me since we signed up. The term. We found that because the rate was so good we could make extra payments against the mortgage. At the time we had 12 years to run on the term our mortgage. While sorting out paperwork I asked them to reduce the term to 9 years. However, when all the legal stuff arrived at our solicitor it was all so bad I had to make a page long list of errors in the document. One of which was the term was down as 15 years. After several attempts they fixed all but this mistake. I asked them whether this made any difference in real terms and was told that is didn't. They said that in fact that I would be better off having a longer term because rates were due to rise. So they suggested that we simply accept the term but make additional payments if we wish to pay off earlier.
I was wondering if someone can confirm for me or otherwise. Surely that is incorrect. The longer the term the more the interest. Today I using an online mortgage calculator and am horrified by what I see. It make a huge difference doing it this way.
Can someone also tell me how difficult it is to change the term. Do solicitors have to get involved?
If this is true, then I think that this should be highlighted as a warning anyone out there trying to pay off a mortgage early.
Many thanks
Fin
I have mortgage with NIB which I changed about 18 months ago to avail of their great value tracker. I'd have to say that I have found them very difficult to deal with for various reasons. Maybe, it is the particular branch. Anyway, one thing has always bugged me since we signed up. The term. We found that because the rate was so good we could make extra payments against the mortgage. At the time we had 12 years to run on the term our mortgage. While sorting out paperwork I asked them to reduce the term to 9 years. However, when all the legal stuff arrived at our solicitor it was all so bad I had to make a page long list of errors in the document. One of which was the term was down as 15 years. After several attempts they fixed all but this mistake. I asked them whether this made any difference in real terms and was told that is didn't. They said that in fact that I would be better off having a longer term because rates were due to rise. So they suggested that we simply accept the term but make additional payments if we wish to pay off earlier.
I was wondering if someone can confirm for me or otherwise. Surely that is incorrect. The longer the term the more the interest. Today I using an online mortgage calculator and am horrified by what I see. It make a huge difference doing it this way.
Can someone also tell me how difficult it is to change the term. Do solicitors have to get involved?
If this is true, then I think that this should be highlighted as a warning anyone out there trying to pay off a mortgage early.
Many thanks
Fin